Sri Lanka's garment exports drop 19% to $4,440 mn in 2023

During 2023, textile exports from the island nation dropped by 4.4 per cent year-on-year, totalling $338.1 million. The exports of other manufactured textile articles were valued at $100.2 million during the same period, a decrease of 13.1 per cent, as detailed in the bank's report titled 'External Sector Performance – December 2023'.

Exports of textiles, garments, and other manufactured textile articles collectively accounted for 52.58 per cent of all industrial exports from Sri Lanka during the reviewed period, the report indicated. All textile product exports summed up to $4,878.9 million in 2023, while Sri Lanka's total industrial exports were $9,277.7 million in the last year.

In December 2023, all textile product exports from the country dropped by 8.6 per cent year-on-year, totalling $439.9 million. Category-wise, garment exports decreased by 7.9 per cent to $407.7 million, while textile exports increased by 20.1 per cent to $23.8 million. Exports of other manufactured textile articles fell by 7.9 per cent, amounting to $8.4 million.

On the other hand, imports of textiles and textile articles declined by 22.6 per cent to $2,371.2 million, while imports of clothing and accessories were down by 21.1 per cent, amounting to $170 million during 2023.

ALCHEMPro News Desk (KUL)